The recent violence in Charlottesville, Va. — where a woman died after a rally by white supremacists was met with a fierce counterprotest — was no doubt a harrowing sight for Americans across the country. In the economy, however, the violence in the streets failed to echo in any meaningful way on Wall Street.

U.S. stocks weren’t just sanguine in the aftermath of the violence; on Aug. 14, the first trading day after the events, the S&P 500 SPX, +0.99% ended 1% higher. That was one of the index’s strongest days of the year, as a perceived ebbing of tensions between the U.S. and North Korea overshadowed the news from Virginia. Even as domestic tensions appeared to be elevated, the CBOE Volatility index VIX, +5.64% a measure of investor anxiety, lost more than a fifth of its value that day (this came two trading days after a session where it spiked more than 40%).

Little seems to have changed since then. The S&P is up 0.4% since the trading day before the violence, even as the fallout — notably, corporate CEOs leaving a pair of business advisory councils in response to President Donald Trump’s response to the violence; Trump subsequently disbanded the councils — pointed to continued divisiveness.

“What we saw was highly telling in terms of showing the divergence in society, but the market seems willing to ignore it right now,” said Steve Sosnick, chief options strategist at Interactive Brokers Group. “The issue is, even if things like this start happening frequently, will that affect how people spend money, or how businesses operate? In most instances, no.”

Analysts agreed that such unrest — a sign of a divided and polarized country, one where expectations over where the economy is going has been falling along partisan lines — was nevertheless unlikely to have a direct impact on the economy, even if there are further instances of mass protests or even violence. Another right-wing rally this past weekend was overwhelmed by thousands of counterprotesters, but while some arrests were reported there were no notable instances of violence.

Opinion: This is the lesson the stock market has learned from Charlottesville

A common refrain from equity strategists was that domestic unrest of the sort seen in Charlottesville was, from a purely economic perspective, on the order of a winter storm. Where a change in the macroeconomic environment can impact the entire country, unrest and bad weather center around a specific geographic location and are temporary in their impact. A particularly bad winter can lead to lower activity — in 2015, a deluge of storms and snow blanketed the Northeast for extended periods, prompting Goldman Sachs to lower its GDP estimates by 0.2 percentage points — but even a multiday riot won’t spark that kind of widespread disruption to commerce, particularly as more Americans work from home and shop online.

“I’m not minimizing what went on, but such tragedies tend to only have a short-term impact on markets, before they move back on to trading on economics,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “Uncertainty always rattles markets, but the long-term impact of violence, terrorist attacks, even wars, tends to be limited. Markets adjust. If, God forbid, this kind of thing becomes normal, it will become normal.”

Mark Spellman, a portfolio manager at Alpine Funds, said, “it sounds cold to say that riots don’t matter to the economy, but the market is cold as far as things like this go.”

History does seem to bear this out. During the mid-1960s — an extremely turbulent period marked by assassinations and demonstrations that were far more destructive than anything seen recently — there was little direct impact on stocks, which largely rose throughout the period.

“While events in the headlines can sometimes lead to economic or financial shifts, the overwhelming precedent in American history has been for equities to be much more focused on earnings, economic growth, interest rates and other fundamentals than the latest chaos in Washington D.C. or around the world,” Bespoke Investment Group wrote in a recent report. “The above isn’t an iron law, but we think investors are well-served remembering the hurdle current events have to clear to make a market impact is quite high!”

The research group provided the following chart, which looks at stock performance against a number of historical events. “Many of these parallels are relatively ‘skin deep,’” it admitted. “That said, we think this chart is important in emphasizing how tumultuous the year 1964 was, and how little impact that had on stock prices overall.” (Emphasis in original)

Investors did see an indirect risk stemming from the current unrest, however, to the extent it adds to the political gridlock in Washington. The CEOs exiting Trump’s councils in the wake of his response — where he said “many sides” were to blame in the violence, rather than singling out white supremacists — was seen as making it even more unlikely that he could pass his economic agenda. Ever since Trump’s election in November, stocks have largely risen on the hope that his expected policies, including tax reform and deregulation, would be supportive to economic growth. Worries that his agenda was less likely to be passed, rather than the unrest itself, has been a major reason for recent market volatility.

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“The deteriorating relationship between the White House and corporate America made headlines, leading to some concern about what this could mean for President Trump’s pro-business agenda,” Voya Investments wrote in a note to clients. “Tax reform negotiations are not expected to get any easier amid the increased bipartisan divide.”

In addition to Trump’s legislative agenda, there are other government-related issues that could quickly become headwinds in the event they are not quickly addressed, such as passing a new budget, avoiding a government shutdown, and raising the debt limit to avoid default—all of which must be dealt with within 12 legislative days after Congress returns from recess right after Labor Day.

Ray Dalio, chairman and chief investment officer at Bridgewater Associates, on Monday wrote that the country was “economically and socially divided and burdened in ways that are broadly analogous to 1937,” adding that “I can’t say how bad this time around will get. I’m watching how conflict is being handled as a guide, and I’m not encouraged.”

He added that his firm would “closely watch how conflict is handled while tactically reducing our risk to it not being handled well.”

At least one investment bank thought that Trump’s comments on Charlottesville could end up breaking through the recent gridlock in congress, something that would be supportive for equities.

“As Republicans try to distance themselves from the president for his controversial comments, it may put more pressure on them to act on tax policy and other pro-growth items as we go into midterms next year,” Morgan Stanley wrote. “No longer can they simply blame the White House for their own lack of leadership and action. After all, they are the ones running for re-election, not President Trump.”